This session highlights the tax and non-tax provisions of the SECURE 2.0 Act of 2023. Although many of the provisions are not effective until after December 31, 2024, some are effective upon enactment of the legislation. For example, the 50 percent excise tax for failing to take an RMD is reduced to 25 percent and the RMD age increases to 73 in 2023. Thus, clients are going to hear a lot about the new legislation from the media and are going to expect you to be up on the issues.
WHY SHOULD YOU ATTEND?
This webinar will present the changes to the legislation, illustrate them, and highlight the effective dates so that you can be ready to respond to your client’s inquiries.
AREA COVERED
- Modifications to the small business pension plan start-up costs
- Introduction of automatic enrolment provisions and retroactive sole proprietor deferrals
- New exceptions to the 10% early distribution tax
- New catch-up limits and RMD age requirements
- Changes to individual retirement provisions, including qualified longevity annuity contracts
LEARNING OBJECTIVES
- Review the tax provision changes that are effective after the date of enactment.
- Apply the new retroactive first-year elective deferrals rules for sole proprietors.
- Review the change of the additional 6 percent tax on corrective excess contributions.
- Present the new exceptions to the 10% early distribution tax.
- Present the other tax provision changes that are effective in the following year.
- Discuss the status of the extender provisions.
WHO WILL BENEFIT?
- Tax accountants.
- Enrolled agents.
- Accountants.
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